MARKET CURRENTS
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MARKET CURRENTS
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Tuesday, June 18
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6:44 PM More on China Cord Blood (CO): FQ4 easily beats estimates across the board on a 33% jump in total sales. Accumulated subscriber base rose by 30.1% Y/Y. Gross margin also rose to 79.8%, from 76.6%. Shares +3.4% AH. Comment!
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3:14 PM Smoking rates in the U.S. dipped even lower than expected, according to data released by the CDC. Last year, only 18% of adults in the U.S. identified themselves as smokers after the rate stalled around the 20% to 21% range for a seven-year period. The news isn't a shock for Big Tobacco (MO, LO, RAI, BTI) which has been pitching the case that electronic cigarettes will be a billion-dollar business. 5 Comments
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2:37 PM Chrysler (FIATY.PK) has reportedly decided to comply with a government request to recall 2.7M vehicles to end a showdown over the issue which upset the status quo in the industry a bit. Comment!
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2:13 PM A mini-drama is evolving in the automobile industry with Chrysler (FIATY.PK) expected to formally inform the NHTSA it won't comply with a request to recall certain older Jeep Grand Cherokee and Jeep Liberty models. If the stalemate continues between the automaker and the agency, the issue could be resolved in hearings or in court. (Chrysler White Paper on recall) Comment!
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12:20 PM The speculative phase of the rally in Japanese stocks is over, says Deutsche, setting up the next leg which will require the participation of domestic investors. Yes, underweight global equity funds may help, but they've already boosted stakes and have just $2T in assets compared to $9T of Japanese household cash. DXJ +3.1%, EWJ +2.3%. 1 Comment
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11:37 AM Raytheon (RTN +0.3%) says it's received a $115.9M contract to provide engineering services for the Patriot Air and Missile Defense System. Under the contract, RTN will provide systems analysis, software development, testing and logistics support, as well as other NATO country-specific system requirements. Comment!
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11:21 AM Brazil (EWZ, BRF) has to be nearing a bottom. After a couple of years of struggles for both the economy and the Bovespa, the eulogies are beginning to be written for the planet's next great country, lately been beset by waves of protests and evaporating support for President Rousseff. "The golden days are over, the feel-good factor is lost," says an economics professor. "It was a short-lived dream," says a struggling electrician.
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9:45 AM MSCI's reclassification of Greece to emerging market is a yawner as far as ETFs go, writes Dennis Hudachek, as the country's presence in the EFA is less than 0.10%. With Coca-Cola Hellenic (CCHBF.PK) no longer part of the MSCI Greek Index, the country's addition to the EEM will be of minimal effect. Comment!
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9:44 AM A nasty bout of late-session selling sends Thai shares (THD -3.4%) plunging nearly 3%, bucking a generally positive regional trend. Philippine stocks (EPHE +2.3%) rise 2.83% in Manila while shares in Indonesia (IDX +1%) and Singapore (EWS +0.9%) post solid gains. Comment!
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9:15 AM Market preview: U.S. stock futures and European shares are flat-to-higher after U.S. CPI comes in slightly below expectations and as the FOMC meets on the first day of a two-day policy meeting. The S&P Mini is flat. "Today should be quiet, as people are only asking about tomorrow," says economic strategist Andrew Wilkinson. Sony is +4.25% after Dan Loeb ups the ante over a spin-off for the company's entertainment division. Ongoing: Paris Air Show Comment!
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9:09 AM Danish shipper A.P. Moller-Maersk (AMKAF.PK) says the world’s three biggest shipping container operators have entered an alliance to reduce fuel consumption and improve service and operations. The P3 alliance, which also includes MSC Mediterranean Shipping and CMA, will operate a capacity of 2.6M containers between Asia and Europe, across the Pacific and Atlantic oceans. 2 Comments
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7:52 AM Shares of Sony move up 3.6% premarket after Dan Loeb turns up the heat on his proposal to see the company spin off its entertainment business. What to watch: Sony holds its annual meeting on Thursday where execs will have to either publicly back a plan to keep the firm together or leave the door open just a crack that a spinoff is a possibility. Comment!
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7:28 AM Hong Kong extends it Hibor-rigging investigation (previously limited to UBS) to include HSBC (HBC) and a number of other banks, according to the central bank. In other rate-rigging news, it's bracelets for an ex-UBS trader as the U.K. launches criminal charges against him. Comment!
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6:24 AM China's determination to reign in the rapid growth of credit is being tested by a short-term credit squeeze at banks, with rates in the interbank funding market soaring and foreign-capital inflows slowing. The banks want the People's Bank of China to inject liquidity by cutting the reserve-requirement ratio, but so far the PBOC is holding firm and maintaining the tight conditions. Comment!
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5:29 AM The German ZEW survey of investor confidence rises to 38.5 in June from 36.4 in May and tops consensus of 38.1; however, the current situation print falls to 8.6 from 8.9 and misses forecasts of 9.5. Sentiment for the eurozone climbs to 30.6 from 27.6. "The financial experts stick to their assessment: the German economy is likely to pick up speed in the second half of 2013," ZEW President Clemens Fuest said. "However, the results of the current survey indicate that the economy will improve rather slowly." (PR) Comment!
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5:06 AM British Prime Minister David Cameron will lead talks on the exceptionally thorny topic of international tax reform at the G8 summit in Northern Ireland today. The discussion will focus on the key areas of transparency, tax havens and multinational tax avoidance. "We have made more progress in the last 24 hours than people have had in the past 24 years," U.K. Finance Minister George Osborne said. 1 Comment
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4:55 AM The European Central Bank has numerous tools, whether they be "standard interest rate policy and non-standard measures," that it can "deploy if circumstances warrant," Mario Draghi says in a broad reiteration of commitments the ECB made last month. "We have been able to regain better control of monetary conditions in the euro area economy," which is important for being able to boost the economy with the "appropriate monetary policy." 2 Comments
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4:13 AM Asian and European (FEZ) shares are mixed as markets await the word from the FOMC, which is due to start a two-day session today. "I think the Fed is secretly sitting with its fingers crossed, hoping that the froth continues to be skimmed off asset markets," says analyst Nick Beecroft. "I don't think they will be bothered at all if the S&P 500 or other risk markets fall 5 or 10%, as long as it didn't happen in a (single) day." Japan -0.2%, Hong Kong flat, China +0.1%, India -0.2%. EU Stoxx 50 -0.2%, London +0.4%, Paris -0.2%, Frankfurt -0.1%, Madrid +0.4%, Milan +0.4%. 3 Comments
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3:06 AM The EU new-car market showed no signs of bottoming out in May as registrations dropped 5.9% to 1.04M units, the lowest level for the month since 1993. The fall followed a 1.7% gain in April. In January-May, registrations slid 6.8% to 5.07M vehicles. GM (GM) was among those to suffer the most in May with an 11.3% decline. Toyota registrations dropped 4.9% but those of Ford fell just 0.3%. (PR) 1 Comment
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1:45 AM Japanese industrial production grew 0.9% on month in April, as in March, but came in well below preliminary data of +1.7%. On year, output dropped 3.4% vs -6.7% a month earlier. The on-month change in April was due to the government altering the base year to 2010 from 2005, which affected the weightings of items in the index and the method used to account for seasonal factors. Comment!
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